Intrinsic value of Monolithic Power Systems - MPWR

Previous Close

$112.45

  Intrinsic Value

$41.04

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  Rating & Target

str. sell

-64%

Previous close

$112.45

 
Intrinsic value

$41.04

 
Up/down potential

-64%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MPWR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.82
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.42
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
Revenue, $m
  389
  463
  545
  635
  732
  836
  947
  1,066
  1,191
  1,323
  1,461
  1,606
  1,758
  1,915
  2,080
  2,251
  2,429
  2,614
  2,806
  3,006
  3,213
  3,429
  3,653
  3,887
  4,129
  4,382
  4,646
  4,920
  5,207
  5,506
  5,817
Variable operating expenses, $m
 
  348
  409
  476
  549
  627
  711
  799
  893
  992
  1,095
  1,203
  1,317
  1,435
  1,558
  1,686
  1,820
  1,958
  2,102
  2,252
  2,407
  2,569
  2,737
  2,912
  3,094
  3,283
  3,481
  3,686
  3,901
  4,125
  4,358
Fixed operating expenses, $m
 
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
Total operating expenses, $m
  334
  392
  454
  522
  596
  676
  761
  850
  945
  1,046
  1,150
  1,259
  1,375
  1,494
  1,619
  1,748
  1,884
  2,023
  2,169
  2,321
  2,477
  2,641
  2,811
  2,988
  3,172
  3,363
  3,563
  3,770
  3,987
  4,213
  4,448
Operating income, $m
  54
  71
  91
  112
  135
  160
  187
  216
  246
  277
  311
  346
  383
  421
  461
  502
  545
  590
  637
  685
  735
  788
  842
  899
  958
  1,019
  1,083
  1,150
  1,220
  1,293
  1,369
EBITDA, $m
  69
  89
  111
  136
  162
  191
  222
  254
  289
  325
  363
  404
  446
  489
  535
  582
  632
  683
  737
  792
  850
  910
  972
  1,037
  1,105
  1,175
  1,249
  1,326
  1,405
  1,489
  1,576
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
Earnings before tax, $m
  57
  71
  90
  111
  134
  158
  184
  211
  241
  272
  304
  339
  374
  411
  450
  490
  532
  575
  621
  668
  717
  767
  820
  875
  933
  992
  1,055
  1,120
  1,187
  1,258
  1,332
Tax expense, $m
  4
  19
  24
  30
  36
  43
  50
  57
  65
  73
  82
  91
  101
  111
  121
  132
  144
  155
  168
  180
  193
  207
  221
  236
  252
  268
  285
  302
  321
  340
  360
Net income, $m
  53
  52
  66
  81
  98
  115
  134
  154
  176
  198
  222
  247
  273
  300
  328
  358
  388
  420
  453
  487
  523
  560
  599
  639
  681
  725
  770
  817
  867
  918
  972

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  511
  289
  341
  396
  457
  522
  592
  666
  744
  826
  913
  1,003
  1,098
  1,196
  1,299
  1,406
  1,517
  1,633
  1,753
  1,877
  2,007
  2,142
  2,282
  2,428
  2,579
  2,737
  2,902
  3,073
  3,252
  3,439
  3,634
Adjusted assets (=assets-cash), $m
  243
  289
  341
  396
  457
  522
  592
  666
  744
  826
  913
  1,003
  1,098
  1,196
  1,299
  1,406
  1,517
  1,633
  1,753
  1,877
  2,007
  2,142
  2,282
  2,428
  2,579
  2,737
  2,902
  3,073
  3,252
  3,439
  3,634
Revenue / Adjusted assets
  1.601
  1.602
  1.598
  1.604
  1.602
  1.602
  1.600
  1.601
  1.601
  1.602
  1.600
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
Average production assets, $m
  79
  94
  111
  129
  149
  170
  192
  216
  242
  269
  297
  326
  357
  389
  422
  457
  493
  531
  570
  610
  652
  696
  742
  789
  838
  890
  943
  999
  1,057
  1,118
  1,181
Working capital, $m
  330
  74
  87
  101
  116
  133
  151
  169
  189
  210
  232
  255
  279
  305
  331
  358
  386
  416
  446
  478
  511
  545
  581
  618
  657
  697
  739
  782
  828
  875
  925
Total debt, $m
  0
  15
  32
  50
  70
  92
  115
  139
  165
  192
  220
  250
  281
  314
  347
  383
  419
  457
  497
  538
  580
  625
  671
  719
  769
  821
  875
  931
  990
  1,051
  1,115
Total liabilities, $m
  80
  95
  112
  130
  150
  172
  195
  219
  245
  272
  300
  330
  361
  394
  427
  463
  499
  537
  577
  618
  660
  705
  751
  799
  849
  901
  955
  1,011
  1,070
  1,131
  1,195
Total equity, $m
  431
  194
  229
  266
  307
  350
  397
  447
  499
  554
  612
  673
  737
  803
  872
  943
  1,018
  1,095
  1,176
  1,260
  1,347
  1,437
  1,531
  1,629
  1,731
  1,837
  1,947
  2,062
  2,182
  2,307
  2,438
Total liabilities and equity, $m
  511
  289
  341
  396
  457
  522
  592
  666
  744
  826
  912
  1,003
  1,098
  1,197
  1,299
  1,406
  1,517
  1,632
  1,753
  1,878
  2,007
  2,142
  2,282
  2,428
  2,580
  2,738
  2,902
  3,073
  3,252
  3,438
  3,633
Debt-to-equity ratio
  0.000
  0.080
  0.140
  0.190
  0.230
  0.260
  0.290
  0.310
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
Adjusted equity ratio
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671
  0.671

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  52
  66
  81
  98
  115
  134
  154
  176
  198
  222
  247
  273
  300
  328
  358
  388
  420
  453
  487
  523
  560
  599
  639
  681
  725
  770
  817
  867
  918
  972
Depreciation, amort., depletion, $m
  15
  17
  20
  23
  27
  30
  34
  39
  43
  48
  53
  57
  63
  68
  74
  80
  87
  93
  100
  107
  114
  122
  130
  138
  147
  156
  165
  175
  185
  196
  207
Funds from operations, $m
  105
  69
  86
  104
  124
  146
  169
  193
  219
  246
  275
  304
  336
  368
  402
  438
  475
  513
  553
  594
  638
  682
  729
  777
  828
  881
  935
  993
  1,052
  1,115
  1,180
Change in working capital, $m
  -3
  12
  13
  14
  15
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
Cash from operations, $m
  108
  58
  73
  90
  109
  129
  151
  174
  199
  225
  253
  281
  312
  343
  376
  411
  447
  484
  522
  563
  605
  648
  693
  740
  789
  840
  894
  949
  1,007
  1,067
  1,130
Maintenance CAPEX, $m
  0
  -14
  -16
  -19
  -23
  -26
  -30
  -34
  -38
  -42
  -47
  -52
  -57
  -63
  -68
  -74
  -80
  -87
  -93
  -100
  -107
  -114
  -122
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -196
New CAPEX, $m
  -37
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
Cash from investing activities, $m
  -56
  -29
  -33
  -37
  -43
  -47
  -53
  -58
  -63
  -69
  -75
  -81
  -88
  -95
  -101
  -109
  -116
  -125
  -132
  -141
  -149
  -158
  -168
  -177
  -187
  -198
  -209
  -221
  -233
  -246
  -259
Free cash flow, $m
  52
  29
  40
  53
  67
  82
  99
  116
  136
  156
  177
  200
  224
  249
  275
  302
  330
  360
  390
  422
  455
  490
  526
  563
  602
  642
  684
  728
  773
  821
  871
Issuance/(repayment) of debt, $m
  0
  15
  17
  18
  20
  21
  23
  24
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
Issuance/(repurchase) of shares, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  5
  15
  17
  18
  20
  21
  23
  24
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
Total cash flow (excl. dividends), $m
  55
  44
  57
  71
  87
  103
  121
  141
  161
  183
  206
  230
  255
  281
  309
  337
  367
  398
  430
  463
  498
  534
  572
  611
  652
  694
  738
  784
  832
  882
  935
Retained Cash Flow (-), $m
  -62
  -31
  -34
  -38
  -41
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
Prev. year cash balance distribution, $m
 
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  281
  22
  33
  46
  60
  75
  91
  109
  128
  148
  169
  191
  215
  240
  265
  292
  320
  349
  380
  411
  444
  478
  513
  550
  588
  628
  669
  712
  757
  804
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  269
  20
  29
  38
  46
  54
  62
  68
  73
  78
  80
  82
  82
  80
  78
  74
  70
  64
  58
  52
  46
  40
  34
  28
  23
  18
  14
  11
  8
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Monolithic Power Systems, Inc. designs, develops and markets integrated power semiconductor solutions and power delivery architectures. The Company operates in the design, development, marketing and sale of power solutions for the communications, storage and computing, consumer and industrial markets segment. The Company's product families include Direct Current (DC) to DC Products, and Lighting Control Products. The Company's DC to DC integrated circuits (ICs) are used to convert and control voltages within a range of electronic systems, such as portable electronic devices, wireless local area network (LAN) access points, computers, monitors, automobiles and medical equipment. Lighting control ICs are used in backlighting and general illumination products. In addition to Alternating Current (AC)/DC offline solutions for lighting illumination applications, the Company also offers AC/DC power conversion solutions for end products that plug into a wall outlet.

FINANCIAL RATIOS  of  Monolithic Power Systems (MPWR)

Valuation Ratios
P/E Ratio 86.5
Price to Sales 11.8
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 42.5
Price to Free Cash Flow 64.6
Growth Rates
Sales Growth Rate 16.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 131.3%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.2%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 54.2%
Gross Margin - 3 Yr. Avg. 54.1%
EBITDA Margin 18.5%
EBITDA Margin - 3 Yr. Avg. 17.5%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 14.7%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 13.6%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 7%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio 62.3%

MPWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MPWR stock intrinsic value calculation we used $389 million for the last fiscal year's total revenue generated by Monolithic Power Systems. The default revenue input number comes from 2016 income statement of Monolithic Power Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MPWR stock valuation model: a) initial revenue growth rate of 19.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MPWR is calculated based on our internal credit rating of Monolithic Power Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Monolithic Power Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MPWR stock the variable cost ratio is equal to 75.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $43 million in the base year in the intrinsic value calculation for MPWR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Monolithic Power Systems.

Corporate tax rate of 27% is the nominal tax rate for Monolithic Power Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MPWR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MPWR are equal to 20.3%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Monolithic Power Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MPWR is equal to 15.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $431 million for Monolithic Power Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41.411 million for Monolithic Power Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Monolithic Power Systems at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

▶ Monolithic Power Systems Announces Fourth Quarter Dividend   [Dec-14-17 04:19PM  GlobeNewswire]
▶ Chips That Stay Crisp: Nvidia, Monolithic Look Like Buys   [Dec-08-17 03:27PM  Barrons.com]
▶ Should You Get Rid of CenturyLink (CTL) Now?   [Nov-15-17 08:36AM  Zacks]
▶ Monolithic tops Street 3Q forecasts   [Oct-26-17 07:41PM  Associated Press]
▶ MKS Instruments, Monolithic Power, ON Semiconductor Nab Price-Target Hikes   [Oct-24-17 05:28PM  Investor's Business Daily]
▶ Integrated Device Technology Sees IBD RS Rating Rise To 71   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Composite Ratings: Monolithic Power Systems   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ Monolithic Power Systems Announces Third Quarter Dividend   [Sep-14-17 04:05PM  GlobeNewswire]
▶ Monolithic Power Systems Cheered After Earnings Beat   [Jul-27-17 04:23PM  Investor's Business Daily]
▶ Monolithic tops Street 2Q forecasts   [Jul-26-17 11:04PM  Associated Press]
▶ Chip-Gear Maker Lam Research Beats Views, Guides Higher   [05:45PM  Investor's Business Daily]
▶ Artificial Intelligence Could Be Another Catalyst For Broadcom   [Jun-29-17 04:19PM  Investor's Business Daily]
▶ Can This Chip Stock Power Up A Flickering Breakout?   [May-05-17 11:38AM  Investor's Business Daily]
▶ Chipmakers Cavium, Monolithic Power Systems Get Price-Target Hikes   [Apr-27-17 04:49PM  Investor's Business Daily]
▶ Monolithic beats Street 1Q forecasts   [Apr-26-17 05:24PM  Associated Press]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Apr-21-17 05:42PM  Investor's Business Daily]
▶ Monolithic Power Systems, Skyworks Called Buys Ahead Of Earnings   [Apr-20-17 04:41PM  Investor's Business Daily]
▶ AMD, Analog Get Analyst Boosts; Monolithic Power Still A Buy   [Mar-20-17 04:11PM  Investor's Business Daily]
▶ Nvidia Fall Stemmed By Reassuring Analyst Comments   [Feb-24-17 04:14PM  Investor's Business Daily]
Financial statements of MPWR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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